PI hikes of 500% are crippling the DB transfer market - PFS
PFS re-issues warning
Keith Richards: "We are renewing our calls to the FCA and HM Treasury to come up with an alternative to the current PI insurance market and Financial Services Compensation Scheme levy before the consequences drive the agenda."
The Personal Finance Society (PFS) has restated its warning to regulators that excessively high professional indemnity (PI) insurance premiums are crippling advisers' ability to work with defined benefit (DB) transfers.
According to the adviser body, advice firms have reported PI premium rising as high as 500% and has stopped them from working with clients on DB transfers. Since the Financial Conduct Authority (FCA)...
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